亚厦股份 转型之路不拼规模拼价值

Core Insights - The construction decoration industry is transitioning from extensive growth to high-quality development by 2025, driven by policy support [1] - Yasha Co., a leading player in the industry, reported significant improvements in gross margin and net profit growth, outperforming the industry average [1] - Innovation is identified as the key to navigating industry cycles, with a focus on technological advancements [1][2] Financial Performance - In the first three quarters of 2025, Yasha Co. achieved total revenue of 6.873 billion yuan and a net profit of 265 million yuan, marking a year-on-year increase of 4.78% [1] - The gross margin rose to 14.63%, up from 12.55% in the first half of 2025, indicating a positive trend in profitability [1] Innovation and Technology - The continuous optimization of gross margin is attributed to the large-scale application of prefabricated technology and an increase in high-value project structures [2] - As of the end of Q2 2025, Yasha Co. holds a total of 6,240 patents, including 1,119 invention patents, supporting its competitive edge in high-end projects [2] Digital Transformation - Yasha Co. has enhanced its smart collaborative management platform, improving data flow efficiency across the entire project lifecycle [3] - The company employs a project rating system to avoid high-risk projects, contributing to risk management [3] - The integration of digitalization and prefabricated technology has led to the completion of projects with significantly reduced carbon emissions [3] Market Opportunities - The construction decoration industry faces challenges such as demand differentiation and profit pressure, but structural opportunities in green transformation and urban renewal are emerging [4] - Yasha Co. has identified two key strategic directions: deepening the prefabricated development strategy and expanding smart building solutions [5] - The company aims to align with national strategies and leverage innovation and digital capabilities to enhance living environments [5]